Melbourne AR banned for $650k client fund misappropriation
The corporate regulator has banned a Melbourne-based former adviser from the financial services and credit industries.
ASIC has announced it has made two orders permanently banning Melbourne-based former director Christopher David Nairn from the financial services and credit industries.
Nairn falsified numerous documents by forging his clients’ signatures, which enabled him to misappropriate more than $650,000 in client funds, the regulator said.
ASIC found Nairn’s conduct was illustrative of a person who “lacks the honesty, integrity, professionalism and trustworthiness to participate in the financial services and credit industries”.
As a result, it has permanently banned Nairn from providing any service or performing any function associated with the financial services and credit industries as well as controlling an entity that carries on a financial services business or a person who engages in credit activities.
ASIC added that Nairn opted not to attend a hearing or make written submissions and that the banning took effect on 22 May 2024.
At the time of his misconduct, Nairn was a director of Equus Private Wealth Pty Ltd and an authorised representative under Capstone Financial Planning Pty Ltd’s Australian Financial Services licence. Between July 2011 and December 2014, Nairn was also a credit representative of Capstone.
ASIC noted that Capstone is in the process of remediating impacted consumers.
Nairn’s banning has been recorded on ASIC’s banned and disqualified register and he has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
He is every thing ASIC said he was BUT How on earth did he expect to get away with it????? .
these guy's who dip into client funds have a character flaw of some sort that seems to make them think they are invincable .
It gets back to what i have said before,Dealing inside a client accounts should have NEVER been allowed. HG